A raft of reforms to the Residential Tenancies Act 1986 have been put into place in the past two years. Landlords can be forgiven for being confused as to what exactly is fact and what is fiction. What has come into force and what is still being debated? This is the first in a series of blogs discussing these reforms. Christine Cechova makes things clearer, starting with two changes that are already in force:
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The Overseas Investment Act 2005 provides that a transaction needs consent when there is an overseas investment in sensitive land. What is sensitive land? What type of property transaction is caught?
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An act that has underpinned our land transfer system for 60 years was put to bed and the Land Transfer Act 2017 became effective. That change may not impact on you daily, but some things will impact on how you complete your developments in the future.
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In light of the changes to the Overseas Investment Act 2005, there has been a lot of discussion about who cannot buy residential land in NZ now. Denise Marsden looks at it another way, considering who can buy residential land in NZ without consent.
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We recently assisted Reagen to take up a scholarship with Outward Bound NZ. The organisation helps people see their full potential through outdoor challenge and adventure – it is not for the fainthearted!
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Two recent court decisions considered something that looked like a subdivision and asked whether it really was. Both involved common ownership and exclusive use areas.
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Zak Nasir analyses recently released Environment Court decision: Mckay [2018] NZEnvC 180. Is the conversion of a cross lease to fee simple a subdivision?
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Are you a property developer mid-way through your apartment build? Have you decided not to apply for an exemption to the new OIO requirements (and save the $25,500 fee)? You might want to consider encouraging your buyers to nominate this month.
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If the certificate of title for your property is limited as to parcels it means that the area and boundaries of your property are not correctly defined or guaranteed.
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From 22 October 2018 (or potentially earlier if we have orders in Council to that effect) the sale of residential land in New Zealand to an overseas person will potentially require consent from the Overseas Investment Office. Denise Marsden looks at the law change from the residential developer’s viewpoint.
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Don’t assume converting your cross-lease title will be a complicated and expensive task. With the right people engaged to carry out the work, you can save a lot of time, money and unnecessary administration.
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Are you considering investing in property with friends? In today’s escalating property market it is becoming more common. Good legal advice can help you manage the risk.
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